Point of Sale (PoS) operators across Nigeria have increased their withdrawal and deposit fees following the introduction of a new N50 Electronic Money Transfer Levy (EMTL) on their transactions by fintech companies.
TimesNow.com.ng reported that the federal government ordered Opay, Moniepoint, and other fintech companies to begin charging a N50 EMTL fee on every N10,000 deposit in their customers’ accounts.
This is part of the Nigerian government’s drive to generate additional revenue from digital financial services.
Previously, only traditional bank customers paid the N50 EMTL charge.
POS attendants charge N100 on transactions less than N5,000 and N200 on transactions above.
However, some POS operators told TimesNow.com.ng they have started reviewing their fees with the newly introduced levy.
A POS attendant, Chinedu Alozie, who uses Moniepoint in Lagos, expressed concern that the new EMTL levy has reduced his profit.
Another PoS operator, who gave his name as Segun, said:
TimesNow.com.ng earlier reported that the Corporate Affairs Commission (CAC) had announced that it would begin taking stringent actions, including the potential shutdown of Point of Sale (PoS) businesses, following the expiration of its September 5 registration deadline.
This decision came due to non-compliance with the CAC’s registration directives.
In a public notice released on Friday, September 6, 2024, the CAC expressed that businesses failed to register, suggesting that they may be involved in “unwholesome activities”
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
